SOURCE: HousingWire

HousingWire

December 03, 2012 07:00 ET

HousingWire Magazine Names FHFA Acting Director Ed DeMarco 2012 Person of the Year

Housing Finance Leader Has Dramatically Impacted Housing Policy, Industry Landscape

DALLAS, TX--(Marketwire - Dec 3, 2012) - Ed DeMarco is profiled as the 2012 Person of the Year in HousingWire Magazine's December issue, available today to current magazine subscribers. Each year, HousingWire editors select an individual whose contributions to the landscape of U.S. housing finance have had the most substantial industry impact -- politically, socially and financially.

"Ed DeMarco is the obvious choice this year," said Jacob Gaffney, executive editor at HousingWire. "Whether you agree with his policy decisions or not, what Ed DeMarco has demonstrated in 2012 is that he is by far the biggest mover and shaker in mortgage finance."

As the conservator for Fannie Mae and Freddie Mac, DeMarco and the FHFA have faced heated political pressure this year to allow the GSEs to forgive principal as part of loan modification efforts for troubled borrowers. In July, DeMarco ruled out principal reductions at the GSEs, and said that his office would bow to pressure to wipe out borrowers' debt when Congress legislated such action for the FHFA.

The move infuriated many Democrats, who called for DeMarco's head in response. Despite the furor, no law has since been legislated by Congress mandating principal reductions for distressed homeowners.

Under DeMarco's leadership, the FHFA also said earlier this year that it would look to start charging five states higher guarantee fees to cover default costs that were well above the national level. Positioned as a move to help ensure stronger risk-based pricing practices at the GSEs, the move put DeMarco under further fire from various groups unhappy with the proposed change.

"DeMarco has shown a remarkable ability to focus on the issues that really matter, tuning out partisan political rhetoric as part of that process," said Paul Jackson, publisher and CEO at HousingWire. "For that reason, he is our 2012 Person of the Year."

The December issue of HousingWire Magazine is available now.

About HousingWire

HousingWire is the nation's most influential news source covering the U.S. housing economy, spanning mortgage lending, servicing, investments and real estate operations. The company's news, commentary, magazine content, industry directories, and range of live and online events give professionals the insight they need to make better, more informed business decisions. Learn more at http://www.HousingWire.com.

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